Creator Of Cardano Bashes JPM Coin, Labeling It As “The Abomination Of Crypto”

The creator of the altcoin Cardano, Charles Hoskinson, is making the crypto news today because of a recent statement in which he shared a less than flattering assessment on the brand new crypto asset issued by JP Morgan – the JPM Coin.

Hoskinson was a speaker at the Hong Kong Blockchain Week 2019, where he made the comments and drew an impassioned response from the audience. Most of them, in fact, applauded his outspoke message.

As a successful entrepreneur, mathematician and humanitarian, Hoskinson’s main challenges are to solve global problems using emerging technologies. He also often talks about banking the ubanked, where he aims to develop financial tools for billions of people who would otherwise lack access to any monetary means.

As he told during the Hong Kong Blockchain Week 2019:

“We train people and then we set up public private infrastructure and we’re trying to modernize most of these governments, we modernize with blockchain technology, so everything from property and business registration to voting systems to supply chain management.”

Then, he pointed to his biggest challenge being the dealing with government officials and citizens who show a great deal of suspicion when idealistic solutions are put forward. And when the JPM Coin topic came up, he said:

“I saw the JP Morgan Coin, and you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of crypto. It’s an abomination of concept.

There is absolutely no need or utility behind what they’ve created, it’s just a proof of concept for the sake of being a proof of concept..to justify some bizare executive fantasy.

The whole reason why we exist is because these guys are criminals. They’ve done horrible things over these last few decades. They’ve bankrupted the world, and they’ve excluded three billion people from the world financial systems as a consequence of the regulations and systems they’ve put into play. And the whole world is living the consequences of their wrongdoing and poor decisions.

As a counter-reaction, the cryptocurrency world exists, and it continues to grow, and it will continue to gain relevance. And eventually, it will collide with the legacy system.

I see this [JPM Coin] as the last vestiges of a dying industry trying to achieve some form of relevance. And I have very little respect for this type of work. I don’t see it as a positive thing.”

This statement has showed the extent of Hoskinson’s frustration with the status quo. His viewpoint demonstrates his sincerity towards establishing a more equitable economic system for which he is known as a pioneer.

https://www.youtube.com/watch?v=rsBz3lVazvs